The Hindu Business Line : Chana futures gain on NCDEX

However, far months contracts were on backwardation (futures lower than spot prices) indicating that the Government efforts to boost chana production may dampen prices.

There were also reports that the Andhra Pradesh Government would purchase 15,000 tonnes of chana seeds in the next 4-5 weeks for rabi sowing.

“The Andhra Pradesh Government is planning to distribute the chana seeds among farmers for the rabi sowing in October in the state. The procurement price is fixed at Rs 2,880 per quintal and govnernment will distribute at 50 per cent subsidised rates to the farmers,” said Ms Akshita Bhatt, research analyst, Kotak Commodities.

“Backwardation in far month contracts is seen to be deepening. The spread between September contract and October contract is expected to widen from current levels,” she added.

Jeera rises

Jeera futures edged up by 0.71 per cent as a result of firm spot market at Unjha.

Soyabean futures resumed its downward trend tracking weak domestic fundamental factors like poor demand for soyabean bye products like soyameal and soya oil and bumper production projections in the current year.

The September contract soyabean futures settled at Rs 1,550 by posting a loss of 1.21 per cent.

Refined soya oil futures plummeted by 0.77 per cent to Rs 478 per 10 kg tracking weak CPO market.

Weakness in soya oil market coupled with poor demand dragged down the RM Seed futures prices to settle at Rs 424.95 levels.

Potato down

Potato Tarkeshwar and rubber futures ended lower on MCX.

NCDEX recorded a total turnover of Rs 2,953 crore, while MCX’s was Rs 8,776 crore.

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